Last Trading Session: Indian Stock Market opened flat with negative bias. EquityPandit predicted that market has entered into negative zone but some short covering would be seen and exactly same happened. Market moved negative but saw strong short covering by the end of the trading session. Nifty remained rangebound between EquityPandit’s predicted support and resistance levels of 8725 and 8867 respectively. Finally, Indian Stock Market closed negative for the day but BankNifty closed positive on expectation of further rate cut.
Today: Indian Stock Market to open positive. Today, RBI policy would be disclosed and if there is further rate cut then Indian Stock Market can see sharp positive movement, else some correction would be seen in the market. EquityPandit expects further rate cut by 25 bps in today’s RBI Policy. Technically, Market including Nifty and BankNifty has entered into negative trend but now the market direction would be dependent on RBI policy. FIIs were net sellers of Rs.629.97 crores whereas DIIs were net sellers of Rs.224.07 crores on Monday. Nifty would see strong support at 8775-8725-8680-8625 levels whereas strong resistance would be seen at 8867-8930-9000 levels. Since, EquityPandit’s support and resistance levels always meet accuracy; hence traders are suggested to follow them for good profits.
Important Results to be Disclosed today: ACC, BFUTILITIE, BRITANNIA, CROMPGREAV, HEROMOTOCO, JINDALSTEL, LUPIN, MARICO, NHPC, PNB, TEXRAIL, TVSMOTOR, WHEELS.
NSE Nifty: (8797) The support for the Nifty is at 8775-8725-8680-8625 and the resistance to the up move is at 8867-8930-9000-9038 levels.
NSE BankNifty: (19866) The support for BankNifty is at 19450-19295-19108 and the resistance to the up move is at 20000-20170-20609 levels.
BSE Sensex: (29122) The support for the Sensex is at 29000-28890-28780-28500 and the resistance to the up move is at 29410-29620-29840 levels.
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